Halliburton (NYSE: HAL) has been awarded several contracts by Statoil (NYSE:STO) to provide services for two high-pressure/high-temperature (HP/HT) fields offshore Norway. Halliburton estimates that these significant multiyear awards have the potential to exceed more than $200 million in value.
Under these contracts, Halliburton will provide directional drilling, logging-while-drilling, cementing, drilling fluids, and completion equipment and services at the Gudrun and Brynhild fields. Drilling is scheduled to start in the third quarter of 2011.
Halliburton’s proven HP/HT technology will be key in enabling the development of the Gudrun oil and natural gas field, where temperatures exceed 150°C (302°F). Statoil is operator of the Gudrun field, which is planned for startup in the first quarter of 2014. The Brynhild HP/HT oil and gas discovery is approximately three kilometers east of the Gudrun field.
“We are proud to have been awarded these technically challenging contracts for Gudrun and Brynhild,” said Brady Murphy, Halliburton’s vice president for the Europe/West Africa Region. “These awards, together with our recent HP/HT wins in other offshore basins, reflect Halliburton’s technology investment and proven performance in challenging well conditions. This will be an important contribution to further development offshore Norway.”